Nonprofit hospital CEO gets 16% raise to $3.4 million

[MU82]

I honestly didn’t think so, but after giving it some thought, there’s no other logical explanation for them being employed.

Let me put it this way... I’d rather put my life in the hands of a capuchin monkey than one of my sisters.

Jeesh. Stop holding back, Benny. What do you really think of them?

[Benny B]

Jeesh. Stop holding back, Benny. What do you really think of them?

I think they’re actually quite talented and more useful than most people give them credit for.  In fact, you wouldn’t think such a small monkey could be such a tremendous companion and helper to the disabled, but pound for pound, they are exponentially more valuable to society than all those “therapy” animals floating around.

[MUEng92]

I honestly didn’t think so, but after giving it some thought, there’s no other logical explanation for them being employed.

Let me put it this way... I’d rather put my life in the hands of a capuchin monkey than one of my sisters.

Interesting...interesting...

So...these sisters of yours, they live a great distance from the Milwaukee area, right....RIGHT!?!

[StillAWarrior]

...they are exponentially more valuable to society than all those “therapy” animals floating around.

Preach.

[Benny B]

Interesting...interesting...

So...these sisters of yours, they live a great distance from the Milwaukee area, right....RIGHT!?!

A very great distance... Madison.

[GooooMarquette]

A very great distance... Madison.

They get overpaid in a communist nation?  Wow....

[TAMU, Knower of Ball]

I'm with you 82. I agree that CEOs, management types, etc should get higher salaries than nurses, teachers, grunts etc. That's a no brainer. They as individuals are more important, indispensable, and responsible for the company than any individual nurse-type. This should be recognized by a significantly higher salary, better benefits, corner office, personal massage therapist, etc. But once you get that recognition, I don't think you should be entitle to higher % raises just because of your position. In a perfect world, raises should be based on how you perform in your position. If the CEO is an average CEO, s/he should get a CEO's salary with an average raise. If the CEO is a superstar CEO, than yeah give him/her a 16% raise. If the CEO is a bad CEO, don't give them a raise (unless your one of those companies that always gives raises then give the minimum).

Salary and benefits should be reflective of the value you bring to the company. Raises should be reflective of how well you perform within the context of your position. I see no reason why a "C" CEO deserves a higher % raise than a "A+" grunt worker (or an A+ middle management type or A+ executive or A+ CFO). I'm probably being naive to how the world works, but IMHO the world would work better if raises were based on merit.

[MU82]

I'm with you 82. I agree that CEOs, management types, etc should get higher salaries than nurses, teachers, grunts etc. That's a no brainer. They as individuals are more important, indispensable, and responsible for the company than any individual nurse-type. This should be recognized by a significantly higher salary, better benefits, corner office, personal massage therapist, etc. But once you get that recognition, I don't think you should be entitle to higher % raises just because of your position. In a perfect world, raises should be based on how you perform in your position. If the CEO is an average CEO, s/he should get a CEO's salary with an average raise. If the CEO is a superstar CEO, than yeah give him/her a 16% raise. If the CEO is a bad CEO, don't give them a raise (unless your one of those companies that always gives raises then give the minimum).

Salary and benefits should be reflective of the value you bring to the company. Raises should be reflective of how well you perform within the context of your position. I see no reason why a "C" CEO deserves a higher % raise than a "A+" grunt worker (or an A+ middle management type or A+ executive or A+ CFO). I'm probably being naive to how the world works, but IMHO the world would work better if raises were based on merit.

Some would argue that we're both idealists, TAMU. I guess I plead guilty to that.

Even most CEOs who suck and get thrown out end up with huge golden parachutes. Jeff Immelt ran GE into the ground and check out his total compensation over the years. Sometimes, even those guilty of criminal behavior get big exit packages. It's an interesting world.

[rocket surgeon]

Some would argue that we're both idealists, TAMU. I guess I plead guilty to that.

Even most CEOs who suck and get thrown out end up with huge golden parachutes. Jeff Immelt ran GE into the ground and check out his total compensation over the years. Sometimes, even those guilty of criminal behavior get big exit packages. It's an interesting world.

glad to see NBC told matt to take his bag of sex toys and call it even

[Juan Anderson's Mixtape]

glad to see NBC told matt to take his bag of sex toys and call it even

GE hasn't owned NBC for four years.

[rocket surgeon]

GE hasn't owned NBC for four years.

reference to "big shots" leaving/fired with big golden parachutes.  lauer wanted $30 million

[MU82]

reference to "big shots" leaving/fired with big golden parachutes.  lauer wanted $30 million

Oh.

The difference, of course, is that not only doesn't GE own NBC (as Lazar pointed out), but that Lauer didn't get the $30 million.

Matt Lauer will not get his $30 million payout from NBC News, network bosses have ruled, even though his lawyers argue he still has over a year left on his contract. The disgraced anchor will not be paid a day past the last one he worked, NBC News president Noah Oppenheim ruled on Friday during a tense meeting with “NBC Nightly News” staff.

Otherwise ... great point!

But don't worry, rocket. He'll get millions of dollars from the tax cut for billionaires that most Americans disapprove of.

[rocket surgeon]

Oh.

The difference, of course, is that not only doesn't GE own NBC (as Lazar pointed out), but that Lauer didn't get the $30 million.

Matt Lauer will not get his $30 million payout from NBC News, network bosses have ruled, even though his lawyers argue he still has over a year left on his contract. The disgraced anchor will not be paid a day past the last one he worked, NBC News president Noah Oppenheim ruled on Friday during a tense meeting with “NBC Nightly News” staff.

Otherwise ... great point!

But don't worry, rocket. He'll get millions of dollars from the tax cut for billionaires that most Americans disapprove of.

  probably, but i think he's lost his "main squeeze" eyn'er  she done left for the netherlands.  he may be filing as an individual here pretty quick

[Jay Bee]

So, umm, like... how much do all of you make?

[Warrior Code]

So, umm, like... how much do all of you make?

Two shillings and a haypenny.

[MU82]

Before filing for bankruptcy in September, Toys R Us paid top executives more than $8 million in "retention bonuses." They also doled out use of jets and limousines.

Now, they are going to pay the same executives tens of millions more if they reach certain incentives. Apparently, their outrageous salaries and perks packages were not enough to motivate them to do their jobs well.

Again, these are the same execs who guided the company to abject failure.

'Merica!

https://www.reuters.com/article/us-toys-r-us-bankruptcy/u-s-judge-approves-toys-r-us-bonus-plan-to-spur-holiday-shopping-idUSKBN1DZ37C

(Reuters) - Toys ‘R’ Us won court approval on Tuesday for plan to pay top executives up to $21 million in bonuses by arguing that the money will incentivize them to boost the bankrupt retailer’s sales during the critical year-end shopping season.

“The company is laser-focused on the holidays,” Toys ‘R’ Us lawyer Joshua Sussberg said at a hearing at the U.S. Bankruptcy Court in Richmond, Virginia.

Sussberg said Toys ‘R’ Us Chief Executive David Brandon, one of the bonus plan beneficiaries, estimates that only half of the U.S. population has completed their holiday purchases. That indicates there is still time to motivate shoppers “to buy as much as they can.”

Toy ‘R’ Us, the largest U.S. toy retailer, makes 40 percent of net sales in the fourth quarter and its performance during the holiday season could drive the outcome of its attempted turnaround during a seismic shift in the retail industry.

Judge Keith Phillips approved the bonus plan over an objection by the U.S. Trustee, a government bankruptcy watchdog, after Toys ‘R’ Us advisers called the payments reasonable.

Many bankrupt companies pay bonuses as a way to motivate executives to reach earnings targets.

Under the Toys ‘R’ Us plan, 17 eligible executives would split about $21 million if earnings before interest, depreciation and amortization for this fiscal year reach $641 million. Sussberg called the target “incredibly hard to achieve.”

Executives would split about $14 million if earnings reach $550 million. The terms were revised after a complaint from unsecured creditors, who ultimately backed the plan.

The U.S. Trustee blasted the proposal, saying five of the potential recipients split $8.2 million in retention bonuses a week before the Sept. 19 bankruptcy filing, and noted other salary perks for Brandon such as aircraft and limousine use.

The loss-making company - with 64,000 employees, about 1,600 stores and $5 billion of debt - has faced a growing challenge from online platforms like Amazon.com Inc (AMZN.O).

On Monday, Toys ‘R’ Us UK said it plans to close at least 26 of its 105 stores in Britain in 2018.

Toys ‘R’ Us, which plans to spend around $1 billion over the next few years to transform its big box stores and improve consumer experiences, has not yet unveiled planned U.S. store closures.

The company wants to present a business plan by July 15, with the hope of exiting bankruptcy before next year’s holiday season, Sussberg said.

[warriorchick]

So, don't shop at Toys R Us and don't buy their stock.  The board of directors have every right to run it into the ground if they want.

[mu03eng]

I think they’re actually quite talented and more useful than most people give them credit for.  In fact, you wouldn’t think such a small monkey could be such a tremendous companion and helper to the disabled, but pound for pound, they are exponentially more valuable to society than all those “therapy” animals floating around.

Benny, you own me for the monitor I just ruined spitting tea on it in reading this response.

[Benny B]

Benny, you own me for the monitor I just ruined spitting tea on it in reading this response.

While you should damn well know better than to drink anything while perusing the Superbar, what kind of tea?

[TAMU, Knower of Ball]

So, umm, like... how much do all of you make?

More than enough but less than I should.

Read an article the other day that the whole don't talk about your salary stigma is a tool that keeps people from asking to all to be paid what they are worth.  Makes sense but I still don't feel comfortable with it

[MU82]

More than enough but less than I should.

Read an article the other day that the whole don't talk about your salary stigma is a tool that keeps people from asking to all to be paid what they are worth.  Makes sense but I still don't feel comfortable with it

It's irrelevant to share what one makes with folks on an interwebs board who are in all kinds of different professions, which I'm sure you know.

What a doctor or firefighter or journalist or CEO makes has nothing to do with each other.

Back when I worked for a large media company, several friends and I agreed to tell each other what we made for just the reason you're suggesting. We wanted the "power" that comes with knowledge.

[MU82]

So, don't shop at Toys R Us and don't buy their stock.  The board of directors have every right to run it into the ground if they want.

True enough, chickadee. Indeed, shoppers by and large have decided that Toys R Us isn't for them.

I guess this only matters if one is a Toys R Us shareholder or if one is concerned about wealth disparity - and reasons for it - in the USA.

[warriorchick]

True enough, chickadee. Indeed, shoppers by and large have decided that Toys R Us isn't for them.

I guess this only matters if one is a Toys R Us shareholder or if one is concerned about wealth disparity - and reasons for it - in the USA.

Again, it's not like spreading this executives' pay among the thousands of minimum wage Toys R Us workers are going to improve their quality of life.

Maybe there was reason to believe that bribing keeping these people to stay was preferable to complete turnover in the C-Suite.  If their replacements hasten the death of the company, the quicker it will throw those minimum wage earners out of work.

But that's okay, as long as the executives aren't "overpaid".

[MU82]

Again, it's not like spreading this executives' pay among the thousands of minimum wage Toys R Us workers are going to improve their quality of life.

Maybe there was reason to believe that bribing keeping these people to stay was preferable to complete turnover in the C-Suite.  If their replacements hasten the death of the company, the quicker it will throw those minimum wage earners out of work.

But that's okay, as long as the executives aren't "overpaid".

And again, those are some sad-arse executives if the only way to motivate them beyond their already high compensation packages and perks is by throwing the temptation of more money at them.

It's like saying, "Well, the team has gone 15-98 over the last 5 seasons and our attendance is down 60% and we're having trouble funding the athletic program ... but not only will we keep you and your coaching staff, we'll double your salaries if you win a few games next season."

I think I favor the complete turnover of the C-Suite.

And to me, yes, I admit it's a matter of principle, too. I know you disagree with that, and that's cool.

[StillAWarrior]

Again, it's not like spreading this executives' pay among the thousands of minimum wage Toys R Us workers are going to improve their quality of life.

Maybe there was reason to believe that bribing keeping these people to stay was preferable to complete turnover in the C-Suite.  If their replacements hasten the death of the company, the quicker it will throw those minimum wage earners out of work.

But that's okay, as long as the executives aren't "overpaid".

I'm going to go out on a limb and say the worst possible scenario for shareholders (and creditors) is for Toys R Us to have to close the doors before the Christmas season.  I'm guessing  that's why these retention and incentive bonuses were proposed, and why they were approved by the bankruptcy judge.